The UK will wipe £2.3 billion from energy bills on average for the next three years by cutting some green levies that consumers pay to support renewable electricity https://t.co/kKSTnys392 ...

Core Insights - Bel Group is expanding its production of The Laughing Cow cheese in Spain, investing €1.5 million ($1.7 million) to add a 600m² building with two new packaging lines, which will increase annual output by 15% to nearly 7,000 tonnes, equivalent to about 500 million portions [1] - The Ulzama plant, operational since 1968, produces cheese portions for Spain and Portugal and employs around 140 people. The facility has also implemented a biomass boiler to replace fossil fuels, reducing CO₂ emissions by 500 tonnes annually, marking a significant step in Bel's decarbonisation strategy [2] - Bel's chief operations officer emphasized the company's dual focus on sustainability and profitability, highlighting the Ulzama site's transition to renewable energy and its expansion plans [3] Financial Performance - In the first half of 2025, Bel Group reported a 5.4% decline in consolidated net profit to €45.8 million, while recurring operating income fell by 19.3% to €125 million. However, consolidated net sales increased by 3.2% organically to €1.86 billion, driven by higher volumes and price increases that countered inflation in raw materials [4][5] - The company's core brands performed well, with Kiri sales rising by 8.2%, Mini Babybel by 6.1%, and Boursin by 7.3%, despite challenges from geopolitical tensions and increased consumer price sensitivity [6] Strategic Initiatives - Bel has set a target for all Babybel products to be packaged in recyclable paper by 2027, reflecting its commitment to sustainability [4] - The company acquired a 22.5% stake in Indonesian cheese maker Mulia Boga Raya, aiming to enhance cheese consumption in Indonesia and develop tailored innovations [4]

Renewable Energy - Next-generation geothermal energy unlocks a triple green advantage [1] - The industry argues that a neglected renewable's time has finally come [1]

Core Insights - The AI infrastructure buildout is primarily driven by the transition from CPUs to GPUs, which are significantly more efficient for AI training tasks [1][2] - The energy implications of data centers are profound, as they evolve from passive storage facilities to active, energy-intensive industrial engines [4][5] - The demand for data centers is expected to grow exponentially, with electricity consumption for accelerated servers projected to increase by 30% annually, contrasting with a modest 9% growth for conventional servers [16][30] Group 1: Energy Consumption and Infrastructure - Data centers currently consume approximately 415 terawatt-hours (TWh) of electricity, representing about 1.5% of global electricity consumption [28] - By 2030, global electricity consumption for data centers is projected to double, reaching roughly 945 TWh, which would account for nearly 3% of the world's total electricity [30] - The shift to high-performance computing has led to a tenfold increase in power density, necessitating advanced cooling solutions such as liquid cooling [7][20] Group 2: Energy Mix and Carbon Footprint - Data centers are heavily reliant on coal, which currently accounts for about 30% of their electricity supply, particularly in regions like China [41][43] - Natural gas meets 26% of global data center demand and is expected to be a primary energy source due to its reliability [44][46] - Renewables currently supply about 27% of data center electricity, with projections indicating that this could rise to nearly 50% by 2030 [47][48] Group 3: Regional Dynamics and Geopolitical Implications - The United States is the leading market for data centers, with per-capita consumption projected to increase from 540 kilowatt-hours (kWh) in 2024 to over 1,200 kWh by 2030 [53] - China is expected to see a 170% increase in data center electricity consumption by 2030, driven by a shift in computing hubs to western provinces rich in renewable resources [56][58] - Europe is experiencing steady growth in data center demand, with a projected increase of 45 TWh (up 70%) by 2030, influenced by stringent regulatory environments [59][60] Group 4: Supply Chain and Infrastructure Risks - The construction of data centers faces significant delays due to mismatched timelines with grid upgrades, potentially delaying 20% of planned global capacity by 2030 [68] - Data centers require vast quantities of critical minerals, creating vulnerabilities in supply chains, particularly with reliance on China for rare earth elements [70][71] - The shortage of power transformers is a critical bottleneck, with lead times extending from 12 months to over 3 years, limiting the pace of AI infrastructure deployment [75] Group 5: Efficiency and Future Outlook - The digital economy is decoupling from past energy efficiency trends, with energy consumption scaling linearly with digital ambitions [35][38] - AI technologies may provide significant carbon offsets by optimizing energy use in other sectors, potentially reducing global CO2 emissions by 3.2 to 5.4 billion tonnes annually by 2035 [80][82] - The future of data centers will be shaped by the availability of gigawatt-scale power connections, influencing economic power dynamics globally [88][89]

As filed with the U.S. Securities and Exchange Commission on November 25, 2025. Registration No. 333- (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 3 E NETWORK TECHNOLOGY GROUP LIMITED British Virgin Islands 7371 Not Applicable (Primary Standard Industrial Classification Code Number) (I.R.S. Employer I ...

FY2025 Earnings Presentation November 25, 2025 Disclaimer Forward-Looking Statements The statements herein and referenced on the Company's earnings call that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In particular, these forward-looking statements include, without limitation, statements regarding t ...

Ivanhoe Mines Announces Completion of Hydropower Ramp-Up of 178-megawatt Turbine #5 at Inga IINovember 25, 2025 6:35 AM EST | Source: Ivanhoe Mines Ltd.Initial 50 megawatts received at Kamoa-Kakula; expected to increase to 100 megawatts by Q1 2026 as grid improvements are completed, and 150 megawatts by 2027Over 10 years of partnership between Ivanhoe Mines and Société Nationale d'Electricité (SNEL) in the refurbishment of 250 megawatts of renewable, hydropower capacityKolwezi, Democratic Repu ...

Sustainability & Innovation - Architecture firms are innovating to address climate change, incorporating sustainability into design and rethinking the built environment [1] - The construction industry accounts for approximately 40% of global greenhouse gas emissions, highlighting the need for sustainable practices [2] - Sustainable construction involves social components, focusing on creating buildings where people feel good and want to work together [3] - The future of sustainable construction considers challenges from multiple angles, including cooling and material sourcing [4] Project Specifics - Herzog & de Meuron's project uses recycled concrete for the raft foundation and locally sourced materials [2] - The project incorporates an AI-powered water intelligence platform for rainwater collection and reuse [3] - Balconies are designed to allow light but not direct sunlight, and 80% of the roof surface will be covered with plants to cool the air and remove pollutants [5] - A 100% renewable thermal system pumps water from Lake Geneva through the building for heating and cooling [5]

Summary of China Energy Storage Industry Conference Call Industry Overview - The focus is on the **Battery Energy Storage System (BESS)** industry in China, which is expected to benefit from policy tailwinds and cost reductions, enhancing its economic viability [2][5][34]. Key Points and Arguments Policy Tailwinds - China's BESS projects are anticipated to gain from diversified revenue streams, larger peak-trough pricing spreads, and capacity pricing mechanisms [2][3]. - The cancellation of mandatory renewables attachment allows standalone BESS to capture market share, leading to a more diversified revenue model [3][8]. Economic Viability and Returns - If the peak-trough pricing spread increases from Rmb0.25/kWh to Rmb0.4/kWh, the Internal Rate of Return (IRR) for BESS projects could rise from 2.5% to approximately 8% [3][11]. - With additional capacity compensation, the IRR could potentially reach around 13% [3][11]. Cost Reductions and Grid Parity - The cost of BESS projects has decreased by 67% since 2022, with theoretical levelized cost of storage (LCOS) at Rmb0.12/kWh [23]. - The actual LCOS is higher due to low utilization rates, estimated at Rmb0.4-0.5/kWh [24]. - Improvements in utilization and cycle life are expected to drive down costs further, making BESS projects more economically viable [25]. Installation Forecasts - BESS installation forecasts for China have been raised by 7-19% to 150GWh/232GWh for 2025/26E, with a projected CAGR of 27% from 2027-2030, reaching 666GWh by 2030 [5][33]. - Global BESS installations are also expected to rise, reaching 276GWh/412GWh in 2025/26E and 1,045GWh by 2030 [5][33]. Market Dynamics - Installed capacity in China surpassed 100GW by the end of Q3 2025, accounting for over 40% of global capacity [7]. - BESS installations grew by 65% YoY to 34GW in 9M25, but low utilization rates (32% in 2024) have led to weak profitability [7][8]. - Recent policy adjustments are improving utilization rates, with Document 136 requiring new renewable projects to sell through market transactions [8]. Revenue Models - Standalone BESS projects are expected to benefit from diversified revenue streams, including ancillary services, capacity leasing, and spot market arbitrage [3][14]. - Capacity compensation mechanisms have been introduced in various provinces, enhancing revenue potential for BESS projects [15][16]. Challenges and Risks - Key risks include slower-than-expected growth in domestic renewable energy capacity, smaller peak-trough price spreads, and potential import restrictions on Chinese products [40]. - The current low margins for BESS manufacturers in China are expected to recover in the long term due to rising demand and improving IRRs [34]. Conclusion - The BESS industry in China is poised for significant growth driven by favorable policies, cost reductions, and evolving market dynamics. Key players like **Sungrow** and **CSI Solar** are expected to benefit from this trend, despite current challenges in profitability and market conditions [5][34].

Summary of Key Points from the Conference Call Industry Overview - The focus for 2026 in Asian markets will shift from AI-driven stocks to growth opportunities beyond AI, dividends, and previously overlooked stories in Asia [2][12][14] - Key themes include structural stories in energy self-sufficiency, new technology, financial deepening, and the growth of formal retail in ASEAN [12][14] Company-Specific Insights 1. Harbin Electric (1133 HK) - **Sector**: Electrical Equipment - **Market Cap**: USD 3.648 billion - **Current Price**: HKD 15.53; **Target Price**: HKD 22.00 - **PE Ratio**: 10.7; **PB Ratio**: 1.6; **ROE**: 16.2% - **Key Points**: - Benefiting from China's push for energy self-sufficiency, particularly in coal and nuclear power [16][18] - Expected earnings CAGR of 34% from 2024-2027 [19] - Potential inclusion in Stock Connect in 2026 [19] 2. Horizon Robotics (9660 HK) - **Sector**: Auto Components - **Market Cap**: USD 14.901 billion - **Current Price**: CNY 8.44; **Target Price**: CNY 11.00 - **Key Points**: - Positioned to benefit from the growth of autonomous driving technology [23][25] - Expected revenue CAGR of 64% from 2025-2027 [27] 3. Goldwind Science & Tech (002202 CH) - **Sector**: Electric Utilities - **Market Cap**: USD 8.753 billion - **Current Price**: CNY 15.35; **Target Price**: CNY 20.40 - **Key Points**: - Leading manufacturer of wind turbines with strong demand in emerging markets [30][32] - Expected net profit growth of 58% in 2025 [32] 4. Trip.com Group (TCOM US) - **Sector**: Internet Software & Services - **Market Cap**: USD 48.707 billion - **Current Price**: USD 74.52; **Target Price**: USD 90.00 - **Key Points**: - Dominates China's online travel market with over 50% GTV [39] - Expected revenue growth of 15% CAGR from 2025-2027 [39] 5. BOCHK Holdings (2388 HK) - **Sector**: Commercial Banks - **Market Cap**: USD 54.013 billion - **Current Price**: HKD 39.70; **Target Price**: HKD 45.20 - **Key Points**: - Benefits from increased cross-border opportunities and offers a 5.5% dividend yield [44][46] 6. PB Fintech (POLICYBZ IN) - **Sector**: Internet Software & Services - **Market Cap**: USD 8.999 billion - **Current Price**: INR 1,734.70; **Target Price**: INR 2,250.00 - **Key Points**: - Operates India's largest online insurance marketplace [49] - Expected revenue CAGR of 30% from 2025-2028 [51] 7. Phoenix Mills (PHNX IN) - **Sector**: Real Estate Management & Development - **Market Cap**: USD 6.904 billion - **Current Price**: INR 1,714.80; **Target Price**: INR 2,110.00 - **Key Points**: - Largest mall operator in India, evolving into a mixed-use developer [54][56] 8. E-Mart (139480 KS) - **Sector**: Multiline Retail - **Market Cap**: USD 1.482 billion - **Current Price**: KRW 79,000.00; **Target Price**: KRW 120,000.00 - **Key Points**: - Trading at 0.2x PB, highlighting deep value [59] - Transformation into a multiline retailer with various catalysts for growth [60] 9. E Ink Holdings (8069 TT) - **Sector**: Technology - **Market Cap**: Not specified - **Current Price**: TWD 169.00; **Target Price**: TWD 305.00 - **Key Points**: - Holds over 90% of the global e-paper market and expanding capacity [62] 10. ICTSI (ICT PM) - **Sector**: Transport & Logistics - **Market Cap**: Not specified - **Current Price**: PHP 558.50; **Target Price**: PHP 630.00 - **Key Points**: - Offers growth and yield at attractive valuations [62] 11. City Developments (CIT SP) - **Sector**: Real Estate Management & Development - **Market Cap**: Not specified - **Current Price**: SGD 7.43; **Target Price**: SGD 11.00 - **Key Points**: - Positioned to benefit from a turnaround in Singapore's property sector [62] 12. Sumber Alfaria Trijaya (AMRT IJ) - **Sector**: Retail - **Market Cap**: Not specified - **Current Price**: IDR 1,895.00; **Target Price**: IDR 2,900.00 - **Key Points**: - Expected to benefit from policies boosting consumption in Indonesia [62] Additional Insights - Asian dividends have doubled over the last 20 years, indicating potential for further increases in payout ratios [12] - The report emphasizes the importance of EPS growth for continued market gains, particularly in China [12][14]